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Help please, life assurance & critical illness
shopaholicjules
Posts: 332 Forumite
Hi
I have spoken to London & country who have advised the best mortgage deal for me is a 3 year fixed rate on a 70k mortgage over 25 years. This works out at 5.29% with a monthly payment of 424.88.
Do you think this sounds ok, it is with the Alliance & Leicester with a £599 fee.
The homebuyers report I said is the middle one, they said the cost of this is £460, does this sound about right.
They are also advising on life & critical illness cover and said around £40 per month. Do I really need to have the critical illness as well. Forgive me, i haven't a clue about any of this.
Any advice appreciated.
Thanks
Jules
I have spoken to London & country who have advised the best mortgage deal for me is a 3 year fixed rate on a 70k mortgage over 25 years. This works out at 5.29% with a monthly payment of 424.88.
Do you think this sounds ok, it is with the Alliance & Leicester with a £599 fee.
The homebuyers report I said is the middle one, they said the cost of this is £460, does this sound about right.
They are also advising on life & critical illness cover and said around £40 per month. Do I really need to have the critical illness as well. Forgive me, i haven't a clue about any of this.
Any advice appreciated.
Thanks
Jules
0
Comments
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Do I really need to have the critical illness as well
Need? No
However, it can be beneifical if you have a critical illness.I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.0 -
shopaholicjules wrote: »Hi
I have spoken to London & country who have advised the best mortgage deal for me is a 3 year fixed rate on a 70k mortgage over 25 years. This works out at 5.29% with a monthly payment of 424.88.
Do you think this sounds ok, it is with the Alliance & Leicester with a £599 fee.
The homebuyers report I said is the middle one, they said the cost of this is £460, does this sound about right.
They are also advising on life & critical illness cover and said around £40 per month. Do I really need to have the critical illness as well. Forgive me, i haven't a clue about any of this.
Any advice appreciated.
Thanks
Jules
Hi Jules
The rate sounds reasonable for a 3 year fixed rate mortgage with competitive fees, regarding the life and critical illness I think this is a decision based on cost, the critical illness benefit would pay out if you contracted a critical illness within the insurers definitions, I would suggest you shop around for your cover and don't assume that the big boys will always be the cheapest, I got my cover from the following website https://www.archdale-ifa.co.uk they discount the premium because you are not receiving advice, which of course needs to be your decisionI am an Independent Financial Adviser and as such any discussion / conversation held within this forum does not construe advice in any way. Discussions should be used for guidance purposes only, you should always seek the services of an Independent Financial Adviser before making any financial decisions.0
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